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[Alpha Biz=(Chicago) Reporter Paul Lee] Ssangyong Motor will attract 150 billion won from outside for the first time since it took over KG Group as its new owner.
According to the investment banking (IB) industry on the 2nd, Ssangyong Motor is in talks with major institutional investors to receive 150 billion won in private equity convertible bonds (CB) through Eugene Investment & Securities. It is a condition to convert from bonds to stocks after one year with a five-year maturity. The investment will be spent on research and development of electric vehicles and expansion of production facilities.
Ssangyong Motor Co., a KOSPI-listed company, has been suspended from trading since December 2020, when it applied for corporate rehabilitation procedures, but the court declared the end of its corporate rehabilitation on Nov. 11 last year with funding from KG Group Bujater. Expectations have also risen that the deal could resume by the end of March if Ssangyong submits the year-end settlement details to the Korea Exchange and goes through the listing disclosure committee.
KG Group repaid the rehabilitation bond by investing 365.5 billion won in Ssangyong Motor in August last year. On top of that, it has loaned 50 billion won in emergency operation funds and plans to repay public bonds in the future and inject an additional 564.5 billion won for normal operation.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
